ASX 200 @ Fri 27 Sept 13
The WEEKLY chart shows the (bullish at the time) count described in the May 3rd post as “potentially elevating the target range to 5480 – 5570” … that count saw a multi-year ending diagonal underway from August 2011 (ie. a 5-wave rally).
The May/June sell-off counts well as wave-4, altering the target range to 5315 – 5480 (red horizontals).
The DAILY chart takes a closer look at the potential wave-5 to date; it may have already topped here but could yet complete one more down-up sequence.
Perhaps significantly, at today’s 5314 high, waves 1 and 5 are the same length (differ by just 0.6 of one point).
At today’s high, the rally from 2011 sports actionary sub-waves (ie. 1:3:5) in the ratio 100:185:100.
Confirmation of the larger count is a breach of the wave-4 low, well below at 4632.